- Wheat reversed from combined support area
- Likely to rise to 610.00
Wheat recently reversed up sharply with the daily Japanese candlesticks reversal pattern Hammer from the combined support area lying between the key support level 565.00 (former powerful resistance from August), lower daily Bollinger Band and the and the 50% Fibonacci correction of the upward impulse from August. The upward reversal from this support area started the active short-term corrective wave 2.
Given the prevailing uptrend and the global uptick in the risk sentiment – on the expectation of the soon start of the mass vaccination against covid-19 in USA and Europe – Wheat can be expected to rise further toward the next round resistance level 610.00 (top of the previous minor correction from the end of November).